The Federal Reserve Board of Governors has approved an application by Five Star Bank, an affiliate of Warsaw-based Financial Institutions, Inc. (NASDAQ – FISI), to purchase four HSBC Bank USA, National Association retail branch locations in the Upstate New York communities of Albion, Elmira, Elmira Heights, and Horseheads. The closing of this transaction will take place after the close of business on Friday, August 17, and the customer transition will commence that weekend.
“Five Star Bank is well-prepared and ready to welcome thousands of new customers to our true and proven style of community banking,” said Peter G. Humphrey, president and CEO of Five Star Bank and Financial Institutions, Inc. “We’re excited about the opportunities ahead and look forward to providing outstanding, value-driven financial services to new and current customers in Chemung and Orleans counties.”
Beginning Monday, August 20, current HSBC branches in Albion, Elmira, Elmira Heights, and Horseheads will officially open for business under the Five Star Bank name.
The acquisition will result in the closure of Five Star Bank’s current branch operations in Elmira, Elmira Heights, and Horseheads, as each location will be consolidated with the acquired, corresponding location.
The move will make Five Star Bank the second-largest financial institution in Chemung County. In Orleans County, the acquisition of the Albion branch brings Five Star Bank’s location count to two.
Earlier this year, Five Star Bank purchased and successfully converted four branches in Medina, Brockport, Batavia, and Waterloo from First Niagara Bank, N.A.
The acquisition of all eight branches by Five Star Bank is part of a divestiture by First Niagara in connection with its purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut.
The Federal Reserve Board of Governors has approved an application by Five Star Bank, an affiliate of Warsaw-based Financial Institutions, Inc. (NASDAQ – FISI), to purchase four HSBC Bank USA, National Association retail branch locations in the Upstate New York communities of Albion, Elmira, Elmira Heights, and Horseheads. The closing of this transaction will take place after the close of business on Friday, August 17, and the customer transition will commence that weekend.
“Five Star Bank is well-prepared and ready to welcome thousands of new customers to our true and proven style of community banking,” said Peter G. Humphrey, president and CEO of Five Star Bank and Financial Institutions, Inc. “We’re excited about the opportunities ahead and look forward to providing outstanding, value-driven financial services to new and current customers in Chemung and Orleans counties.”
Beginning Monday, August 20, current HSBC branches in Albion, Elmira, Elmira Heights, and Horseheads will officially open for business under the Five Star Bank name.
The acquisition will result in the closure of Five Star Bank’s current branch operations in Elmira, Elmira Heights, and Horseheads, as each location will be consolidated with the acquired, corresponding location.
The move will make Five Star Bank the second-largest financial institution in Chemung County. In Orleans County, the acquisition of the Albion branch brings Five Star Bank’s location count to two.
Earlier this year, Five Star Bank purchased and successfully converted four branches in Medina, Brockport, Batavia, and Waterloo from First Niagara Bank, N.A.
The acquisition of all eight branches by Five Star Bank is part of a divestiture by First Niagara in connection with its purchase of 195 HSBC retail bank branches throughout Upstate New York and Connecticut.
